Iraqi oil exports slightly higher in July than in June

Iraqi Oil Ministry said Tuesday the country exported 56.3 million barrels of oil in July, 1.6 million barrels more than the that of June.

A statement by the ministry obtained by Xinhua said that the ministry brought in revenues of 4 billion U.S. dollars with an average price of 71.21 dollars a barrel for the month.

It said that 44.4 million barrels were exported through the southern port of Basra, and 11.9 million barrels were exported via Turkey's port of Ceyhan on the Mediterranean Sea.

In June, the ministry said the country gained revenues of 3.89 billion dollars from its oil exports.

Last year, Iraq signed contracts to develop 10 oil fields in two auctions with the aim to increase Iraq's oil output capacity from the current roughly 2.5 million barrels per day (bpd) to 12 million bpd in six or seven years.

Iraq mainly depends on oil revenues as the country has the world's third-largest proven oil reserves estimated at 115 billion barrels, only after Saudi Arabia and Iran.

Source: Xinhua